Bank of America and Chase Lighten Customer Fees

After being criticized for higher credit card fees, Bank of America is reducing overdraft and other account fees for a broad swath of customer accounts and JPMorgan Chase is engaging in a similar plan.

Effective October 19, Bank of America will not charge overdraft fees for an account overdrawn by less than $10 for a single day, or more than four overdraft items in a single day.

The announcement comes a week after the Charlotte, North Carolina-based bank announced a credit card, called the Basic Card, with simpler terms and interest rates. (Continue reading Reuters report)